Market Structure Pro


SETTING MANUAL

1/ What is the Market Structure Pro indicator? 

Introduction: 

  • The Market Structure Pro indicator for TradingView is a tool designed to uncover the underlying framework of the market. 
  • It focuses on identifying key structural elements within market trends, making it highly effective for traders aiming to navigate through the complexities of various market conditions.
  • This indicator is suitable for multiple trading styles and timeframes.

Benefits:

  • Precision in Market Analysis: Market Structure Pro excels in pinpointing significant highs, lows, and potential reversal points, providing traders with a deeper understanding of market movements.
  • Versatility Across Financial Markets: Whether dealing with forex, stocks, indices, or commodities, this indicator delivers valuable insights, enhancing trading decisions in different market environments.
  • Enhanced Decision-Making: By highlighting critical market structures, it assists traders in both identifying entry points and managing trades effectively.
  • Customizable Alerts: Provides a range of alert options including pop-up, sound, email, and push notifications, customizable to individual trading needs and styles.

2/ Indicator Setting - Market Structure Pro

Zigzag Depth: Sets the minimum number of bars between high and low points for the zigzag pattern. A higher value filters out minor price fluctuations.

Zigzag Deviation: Determines the percentage deviation for the zigzag to consider a price movement significant. Larger values identify more pronounced trends.

Zigzag Backstep: Sets the minimum number of bars between which two highs or lows can be plotted. This helps in avoiding too close alternate peaks and troughs.

Lookback Periodzag Backtest: Defines the number of bars the indicator will review to identify market structures, impacting the sensitivity to recent price changes.

Use Retest Signals: Enables the detection of retest scenarios within the identified market structures.

Show Only First Rectangles: Limits the display to only the most recently  identified rectangles.

Show Only First Arrows: Displays only the most recently arrows in a series, highlighting the most recent  entry points in a market structure.

SL & TP (Stop Loss & Take Profit):

ATR Period for SL Shift: Sets the period for the Average True Range used in calculating the stop loss distance.

SL Shift Coefficient (from ATR): Multiplier applied to the ATR value to set the stop loss distance.

TP Coefficient (from SL): Multiplier applied to the stop loss distance to set the take profit target.

Bullish Rectangle Color (Uncrossed): Color for the bullish rectangle before price crosses it.

Bearish Rectangle Color (Uncrossed): Color for the bearish rectangle before price crosses it.

Bullish Rectangle Color (Crossed): Color for the bullish rectangle after price crosses it.

Bearish Rectangle Color (Crossed): Color for the bearish rectangle after price crosses it.

STYLING:

Bullish/Bearish Arrow: Enable or disable the display of bullish or bearish direction arrows.

Bullish/Bearish Retest Arrow: Show arrows indicating a bullish or bearish retest.

Arrow Colors: Set the color for bullish, bearish, and their respective retest arrows.

Display TP/SL on Chart: Choose to show or hide the take profit and stop loss levels on the chart.

TP/SL Colors: Select the colors for displaying take profit and stop loss levels.

Signal Arrow Size: Adjust the size of the arrows for visibility.

Max Back Bars: Define the maximum number of bars back from the current bar that signals can be displayed.


  • How can I set up alerts?

To stay updated on potential trading opportunities, you can set up alerts within the Market Structure Pro.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters. The selected configurations will be used for notifications in Step 2.

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.

Step 3: Select Market Structure Pro from the “Condition” dropdown list:

Step 4: A pop-up will appear as follows. You click on “Notifications”.

Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.